Hearing the news of some inheritance related property could be very exciting for anyone. However, long waiting periods for pending cases in the court get extremely boring and frustrating.
What is probate?
Probate is the process by which an individual, who is the heir of a deceased person, acquires the property. Probate courts deal with inherited property related cases. It is a lengthy procedure. Clearing a case may take a few months to a year at least.
Delays are usually due to the long validation procedure involved in written real estate will.
Advance Inheritance and Lending Firms
The probate court demands legitimacy of the claim against share in the deceased person’s property. For this reason, advance inheritance can be used. Advance inheritance is the approval of credit or loan in advance. This way the probate procedure can be avoided altogether. Advance inheritance makes good sense when the heir is eligible for transfer of ownership of the inherited property as per court rules and regulations.
There is an eligibility criterion that needs to be fulfilled in case of advance inheritance. Your credit score does not have to be very high. However, a minimum property value must be considered to be eligible for it.
A common question that nags many clients is if there are any additional payments or fees involved. There is no collateral required for inheritance advance unlike several other options. So, the answer is that no extra payments have to be made.
The basic requirement is that you have to file for credit/loan and then wait for approval of the company for legitimacy. Once the loan is approved, you will simply visit the company and receive the loan amount you applied for. After some time, the estate will pay off the credit amount at a later stage and close it. So, repayment of advance inheritance loan is nothing to worry about. The company will take full responsibility of dealing with it.
For those worrying about billing, a long waiting period of about 8 to 9 months before actually receiving property can be stressful too. Under such circumstances, inheritance loans can be very helpful. Waiting for the court will be impractical choice because you may already have a huge pile of bills and loan to pay off. For any possible financial stress, inheritance loan is a viable solution.
When we talk about the risks, the company extending the loan is at danger because of fluctuating property prices. It may lose value suddenly when there are so many claimants of the property. Therefore, posing a great risk to lending firms.
The loan processing procedure varies from company to company.
Lending firms rely on their client’s credibility depending on how often they interact.
Also, these credit institutions consider clients who come first. You are most likely to receive the funds earlier than others in the queue if your application is submitted before time. You must apply for advance against inheritance from a well-reputed company so that their expertise can help you through the process.
Fergus Andrew is an expert solicitor on probate law and has solved several inheritance-based cases. He refers to http://www.djpsolicitors.com/ for any assistance.